Daily Gold Closer To Medium-Term High

June 22, 2020
Stock Market Strategist & Author

The gold futures contract gained 1.27% on Friday, as it broke slightly above the price level of $1,750. Last week’s Powell’s testimonies on Wednesday, Thursday and his Friday’s speech didn’t bring any new surprises for the financial markets. But gold got closer to its medium-term highs. However, it continues to trade within a consolidation, as we can see on the daily chart:

Gold is 0.2% higher this morning, as it is trading along Friday’s daily high. What about the other precious metals? Silver gained 1.94% on Friday and today it is 1.1% higher. Platinum gained 1.86% and today it is up 1.0%. Palladium lost 0.01% on Friday and today it is 0.5% higher. So precious metals’ prices are gaining today.

Last Thursday’s Philly Fed Manufacturing Index has been much better-than-expected but the Unemployment Claims number came at 1.5 million again vs. expectations of 1.3 million. So overall, the recent economic data releases have been mixed.

Today, we will have the U.S. Existing Home Sales release. The previous release came at 4.33 million, and the expectations for the month of May (annualized number) are at 4.15 million.

Below you will find our Gold, Silver and Mining Stocks economic news schedule for the next two trading days:

Monday, June 22

  • 10:00 a.m. U.S. - Existing Home Sales
  • 11:00 a.m. Canada - BOC Governor Macklem Speech

Tuesday, June 23

  • 3:15 a.m. Eurozone - French Flash Services PMI, French Flash Manufacturing PMI
  • 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
  • 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. - New Home Sales, Richmond Manufacturing Index

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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

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Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

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Paul Rejczak is a stock market strategist, who has been known for quality of his technical and fundamental analysis since the late nineties. He is interested in forecasting market behavior based on both traditional and innovative methods of technical analysis. Paul has made his name by developing mechanical trading systems. Paul is the author of Sunshine Profits’ premium service for stock traders: Stock Trading Alerts.

The first use of gold as money occurred around 700 B.C., when Lydian merchants (western Turkey) produced the first coins

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